Systems and methods for identifying and capturing potential bankcard spending

Abstract

The invention provides a method and system for a financial institution for capturing the business of a financial services customer. The system may include a data access system for obtaining and storing data; and an analysis system for processing the data. The analysis system (1) selects a study group of customers from the data; (2) observes the study group so as to produce a profile of each study group customer's financial information; (3) produces a mathematical representation of an interrelationship between study group customers' profiles and the data; (4) applies the mathematical representation to customers not within the study group in order to estimate those customers' profiles; (5) identifies a portion of the customer's monetary flow eligible to be conducted through the financial institution, the identification based in part on the customer's profile; and (6) does not require direct input from the customer. The system may further include a marketing system for producing, outputting and implementing a marketing strategy; and storage systems. In addition, the analysis system may utilize processing including producing a profile of the customer's financial information, the profile including an itemization of the customer's monetary inflow and outflow; and identifying a portion of the customer's monetary flow eligible to be conducted through the financial institution, the identification based in part on the customer's profile.

Description

BACKGROUND OF THE INVENTION[0001]Bankcards, such as credit cards, debit cards, and various others, are in wide use in the current market place. Encouraging individuals to increasingly utilize bankcards to make purchases is a complicated challenge faced by financial institutions. A financial institution encounters significant competition when attempting to acquire new customers and increase the institution's share of existing customers' card spending.[0002]Typically, acquiring new customers and growing the share of a customer's spending involves marketing strategies based on industry rules of thumb and targeting of customers according to broad categories. This lack of individualization for marketing, commonly employed by financial institutions, has curtailed efforts to acquire new customers and grow an institution's share of existing customers' spending.[0003]The known technology is lacking in this respect.SUMMARY OF THE INVENTION[0004]The invention provides a method and system for a...

AI Technical Summary

Benefits of technology

The invention is a system and method for a financial institution to capture the business of a customer. The system collects customer data and analyzes it to create a profile of the customer's financial information. This profile is then used to identify which parts of the customer's money are eligible to be conducted through the financial institution. The system does not require direct input from the customer. The system can also include a marketing system to produce a marketing strategy and storage systems. The invention can be used with a wide variety of customers and study groups. The technical effects of the invention are improved customer analysis and targeted marketing, resulting in increased customer satisfaction and financial institution revenues.

Problems solved by technology

Encouraging individuals to increasingly utilize bankcards to make purchases is a complicated challenge faced by financial institutions.

This lack of individualization for marketing, commonly employed by financial institutions, has curtailed efforts to acquire new customers and grow an institution's share of existing customers' spending.

The known technology is lacking in this respect.

Images